Lending Circles helps Detroiters build credit

August 15th, 2017

Leo Altman says he is participating in Lending Circles “to continue to get my credit up.” As a returning citizen, Leo had no employment prospects or credit when he came to Southwest Solutions for assistance. Leo completed our Earn + Learn food production program last year and then got a seasonal job at Ford Field. He also enrolled in our Twin Accounts program, funded by Local Initiatives Support Corporation (LISC) and Justine Petersen, and worked with our financial coach to build credit and savings. As a result, Leo’s credit score went from zero to 658.

The 7th cohort of our Lending Circles program has begun. Lending Circles is a social loan program that allows participants to safely build credit through zero-interest loans. The program was started by Mission Asset Fund (MAF) in San Francisco and has expanded across the country. The Detroit program is a partnership of MAF, JPMorgan Chase & Co. and Southwest Solutions. Our Lending Circles is already producing results, with participants in the previous cohorts reporting significant increases in their credit scores.

To learn more about Lending Circles, contact Joe at jlauchlan@swsol.org or 313-451-8055.